Exxon Mobil Profit Beats Projections For 3Q

Exxon Mobil’s third-quarter profit surpassed analysts’ expectations, aided by contributions from Pioneer Natural Resources, a recent acquisition, Michelle Chapman reported, for the Associated Press (AP).

Exxon’s net production reached 4.6 million oil-equivalent barrels per day during the third quarter. I Photo: Interfaith Center on Corporate Responsibility

Exxon earned $8.6 billion, or $1.92 per share, for the three months ending Sept. 30. A year earlier, the Spring, Texas-based company earned $9.07 billion, or $2.25 per share.

The results exceeded Wall Street’s expectations, though Exxon does not adjust its reported results based on one-time events such as asset sales. Analysts surveyed by Zacks Investment Research had projected earnings of $1.91 per share.

Revenue totaled $90.02 billion, falling short of Wall Street’s estimate of $93.51 billion.

Exxon’s net production reached 4.6 million oil-equivalent barrels per day during the third quarter, a 5% increase compared to the previous quarter. Oil prices have recently fallen following a retaliatory strike by Israel on Iran that targeted military sites rather than the oilfields of the world's seventh-largest oil producer.

The expectation is for oil prices to continue to decrease, as the balance between supply and demand has shifted toward an oversupply, a factor that typically drives down prices.

In July 2023, Exxon announced it would pay $4.9 billion for Denbury Resources, an oil and gas producer that has expanded into carbon capture and storage, benefiting from evolving U.S. climate policies.